China suggests using national currencies for settlements with Kazakhstan

September 07, 2013, 20:20 UTC+3"We think it necessary to expand this practice," the Chinese leader said

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ASTANA, September 7 (Itar-Tass) - The use of the national currencies in mutual settlements between China and Kazakhstan will allow their economies to better respond to crises, Chinese President Xi Jinping said.

“The transition to the national currencies in exchanges and settlements, in current payments and capital account operations will reduce costs, strengthen the ability of our countries to deal with financial risks and increase the international competitiveness of the regional economy,” Xi said at a meeting with students and members of the academia at Nazarbayev University in Astana on Saturday, September 7.

He stressed that settlements in national currencies were already made with Russia and other countries. “We have reached good results and accumulated good experience. We think it necessary to expand this practice,” the Chinese leader said.